Savoy Energy Gets $10 Million in Funding

Savoy Energy, a United States independent gas and oil company, has announced that they received a $10 million equity line of credit from Tangiers Investors. The company will use the money to continue to build their diversified portfolio of gas and oil assets within the U.S.

"We are pleased to have established this line of credit," said Art Bertagnolli, Savoy Energy's CEO. "This financing will assist our company as we move forward with our recompletion programs, as well as our plans for future growth and expansion."

According to Savoy Energy, the funding will start after the company completes an audit and within a month of the execution of the definitive financing documents.

Unlike other energy companies, Savoy Energy works with abandoned gas and oil assets. By doing so, they can lower their initial drilling costs and thus reduce risk. With lower overhead, Savoy Energy has many industry experts impressed by the flexibility of their business model.

Abandoned Oil Asset (Image: Flickr)

Post from: Startup Spark

http://www.bizzia.com/startupspark/savoy-energy-gets-10-million-in-funding/

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